Gold Ends Day With Two-Sided Action; Silver Remains Attractive - Phil Streible

Kitco News-- After hitting a two-month high on Tuesday, gold prices ended Wednesday near unchanged levels in what has really been two-sided action. Phil Streible, senior market strategist over at RJO Futures explained that it was a very busy day for U.S. economic data. The numbers, he noted, have mostly come in line with expectations and have not significantly impacted markets. This includes the consumer price index, which came in at 0.3% higher in December from the previous month and up 2.1% from a year ago. Fed Chair Janet Yellen also speaks later today in California. Silver prices rallied however, with prices hitting a two-month high Wednesday as the market also sees a near-term uptrend under way. February Comex gold settled the day relatively flat at $1,212.10 an ounce while March silver settled 0.7% higher at $17.724 an ounce.

This article is commentary by an independent contributor.